8-KLeadership ChangesShareholder MattersExhibits & Filings

STATE STREET CORP 8-K Report, Executive Changes (May 24, 2011)

Filed May 24, 2011For Securities:STTSTT-PG

Summary

This 8-K filing from State Street Corporation (STT) on May 24, 2011, details the outcomes of its annual shareholder meeting held on May 18, 2011. The primary focus of the report is the shareholder approval of the "2011 Senior Executive Annual Incentive Plan." This plan aims to further incentivize senior executives by linking compensation to corporate financial and strategic performance, while also preserving tax deductibility under IRS Section 162(m). Beyond the executive incentive plan, the filing confirms shareholder approval for the election of thirteen directors, an advisory vote on executive compensation, and an annual frequency for future advisory compensation votes. Additionally, shareholders ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the upcoming fiscal year. Conversely, a shareholder proposal concerning the disclosure of political contributions was not approved.

Key Highlights

  • 1Shareholders approved the "2011 Senior Executive Annual Incentive Plan" designed to motivate senior executives through performance-based compensation while maintaining tax deductibility.
  • 2All thirteen director nominees presented at the annual meeting were elected by shareholders.
  • 3Shareholders voted in favor of an advisory proposal on executive compensation.
  • 4An annual frequency for future advisory votes on executive compensation was approved by shareholders.
  • 5Ernst & Young LLP was ratified as State Street's independent auditor for the fiscal year ending December 31, 2011.
  • 6A shareholder proposal requesting disclosure of certain political contributions was rejected by the shareholders.

Frequently Asked Questions

The plan was designed to provide additional incentives to senior executives by tying their compensation to the achievement of targeted corporate financial and strategic performance goals. It also aimed to ensure that awards made under the plan would be tax-deductible for the company under Section 162(m) of the Internal Revenue Code.

Shareholders approved the election of all thirteen director nominees, an advisory proposal on executive compensation, the 2011 Senior Executive Annual Incentive Plan, and the ratification of Ernst & Young LLP as the independent auditor. They also voted for an annual frequency for future advisory votes on executive compensation. However, a shareholder proposal on political contribution disclosure was not approved.

No, the only shareholder proposal mentioned in the filing, which related to the disclosure of certain political contributions, was voted against by the shareholders.

Ernst & Young LLP was ratified by the shareholders as State Street's independent registered public accounting firm for the year ending December 31, 2011.